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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden)
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To: Tomas who wrote (1261)8/30/1999 3:38:00 PM
From: Tomas   of 2742
 
Sudan begins oil exports - BBC, August 30
news.bbc.co.uk

Sudan has finally joined the ranks of oil-exporting
nations, sending an inaugural shipment of 600 thousand
barrels of crude to Singapore.

President Omar al-Beshir led a colourful ceremony at the
specially built port of Beshair on the Red Sea, about 400
kms north-east of the capital, Khartoum.

Officials laughed and danced to traditional music in front
of a chanting crowd as a tanker carrying the oil prepared
to leave the harbour.

Sudan has been trying to develop its oil industry since
the 1970s and during his speech President Beshir said
the exports were a reward from God for Sudan's
faithfulness.

Pipeline warning

However, a BBC correspondent in the region says the
exports may also inflame the civil war in a deeply divided
country.

She says rebels who are fighting for greater autonomy in
the south have warned they will blow up the newly
opened 1600 km pipeline which runs underground from
Heglig oilfields in the south to Beshair.

The government has dismissed these threats and in his
speech, President Beshir called the opposition "allies of
the devil".

Companies from Sudan, China, Malaysia and Canada
have been helping develop oil fields in south although it
could be years until the consortium recovers the money
it has invested.

IMF agreement

Officials admit initial gains will be modest, but are
counting on the project to restore investor confidence in
a country that has earned a reputation as a sponsor for
terrorism.

Its thought the Heglig area has recoverable reserves of
about 627 million barrels of crude and initially there are
plans to pump 150,000 barrels a day.

The oil exports coincide with a decision by the
International Monetary Fund (IMF) to reduce the cost of
servicing of Sudan's $20 billion foreign debt.

The IMF has also revoked a five year classification of
Sudan as a "non-cooperating country" for failure to meet
its foreign debt obligations.
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